Future Publishing Sells Music Magazine Operation

It’s being reported that Future Publishing has sold off its loss-making New York operation – home to magazines including Guitar World, Revolver and Guitar Aficionado – in a deal worth $3 million. The NY division reported a $5.6m loss last year.

Future has sold the New York operation, referred to by Future as its “New York music division,” to NewBay Media. NewBay is headquartered in New York and owned by private equity firm the Wicks Group. The company owns dozens of magazines, websites and several national events serving the music and broadcast industry. NewBay has acquired Future’s assets, which also includes a licence to operate the Golden Gods Awards show.

The company has acquired the business for an initial payment of $2.6m in cash on completion of the deal. This is followed by $150,000 in cash on 30 September, and $250,000 cash in the third quarter this year “based on the achievement of certain operational targets.”

Among other holdings, NewBay Media already owns Guitar Player magazine, a high-profile competitor for new acquisition, Guitar World.